Virginia Life, Accident and Sickness Insurance Guaranty Association; surplus funds. (SB1482)

Introduced By

Sen. Frank Wagner (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Life, Accident and Sickness Insurance Guaranty Association; surplus funds. Establishes a procedure for the Virginia Life, Accident and Sickness Insurance Guaranty Association to dispose of surplus funds on hand with respect to the insolvency of an insurer. This measure requires the Association to use such surplus funds to reimburse member insurers for assessment costs not otherwise amortized and offset and then to pay the remaining surplus to the State Corporation Commission for deposit to the general fund. A member insurer that contends that it is entitled to any portion of the surplus that refunded to the Commonwealth may present evidence of such entitlement to the Commission. If the Commission determines that the member insurer is entitled to a portion of the surplus, the State Treasurer is directed to pay such amount to the member insurer. These provisions replace existing requirements that the Association's board refund to member insurers the amount by which the assets of the account exceed the amount necessary to carry out the Association's obligations by an equitable method established in the plan of operation in proportion to the contribution of each insurer to that account. Amends § 38.2-1705, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/27/2011Unanimous consent to introduce
01/27/2011Presented and ordered printed 11104691D
01/27/2011Referred to Committee on Commerce and Labor
02/07/2011Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/08/2011Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/08/2011Read second time and engrossed
02/08/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/08/2011Passed Senate (40-Y 0-N) (see vote tally)
02/09/2011Placed on Calendar
02/09/2011Read first time
02/09/2011Referred to Committee on General Laws
02/14/2011Impact statement from SCC (SB1482)
02/15/2011Referred from General Laws
02/15/2011Referred to Committee on Commerce and Labor
02/17/2011Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/21/2011Read second time
02/22/2011Read third time
02/22/2011Passed House BLOCK VOTE (97-Y 0-N)
02/22/2011VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
03/03/2011Enrolled
03/03/2011Bill text as passed Senate and House (SB1482ER)
03/03/2011Signed by Speaker
03/06/2011Signed by President
03/07/2011Impact statement from SCC (SB1482ER)
03/26/2011G Approved by Governor-Chapter 682 (effective 7/1/11)
03/26/2011G Acts of Assembly Chapter text (CHAP0682)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 45 seconds.